4只新股全部破发！港股IPO高破发现象抬头 什么情况？

Core Viewpoint - The phenomenon of high IPO failures in the Hong Kong stock market has resurfaced, with four newly listed companies all experiencing significant declines on their debut, indicating a shift in investor sentiment and market dynamics [1][12]. Group 1: IPO Performance - On December 22, four companies—Nanhua Futures, Mingji Hospital, Huachang Biotechnology, and Impression Dahongpao—were listed on the Hong Kong stock market, all of which faced declines on their first trading day, with drops of over 24%, 49%, 29%, and 35% respectively [1][2]. - The overall trend shows that since November, the rate of IPO failures in Hong Kong has approached 50%, contrasting with earlier periods where the failure rate was significantly lower [12][13]. Group 2: Company Profiles - Nanhua Futures, established in 1996, ranks eighth among all futures companies in China by total revenue for 2024, and first among non-financial related futures companies [3]. - Mingji Hospital is a private hospital group in East China, holding a 1.0% market share in the region, and is the largest private profit-making hospital group in East China by total revenue for 2024 [3]. - Huachang Biotechnology, founded in 2012, focuses on developing protein drugs for various medical needs, with two core products in clinical trials [4]. - Impression Dahongpao is a state-owned cultural tourism service enterprise, ranked eighth in China's cultural tourism performance market by sales revenue for 2024 [4]. Group 3: Market Dynamics - The recent IPOs have shown a trend of low subscription rates, with Nanhua Futures and Mingji Hospital having subscription multiples of only 1.91 times and 6.28 times, respectively, indicating a lack of investor enthusiasm [8][9]. - The pricing strategy for these IPOs has also shifted, with three companies pricing at the lower end of their offering range, reflecting a need to attract investors amid changing market conditions [10][11]. Group 4: Investor Sentiment - The recent surge in IPO failures suggests a cooling of the "easy money" environment for new listings, leading to more selective investment behavior among investors [12][13]. - Analysts indicate that the disconnect between primary market pricing and secondary market risk preferences is contributing to the increased failure rates, as investor appetite has not kept pace with aggressive pricing strategies [13][14].